Filing Flows › Hagerty (HGTY) › Q1 2025
Hagerty (HGTY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Hagerty (HGTY) reported revenue of $328M for the first quarter 2025 (Q1 2025), +21% from a year earlier and -1% from the quarter before. Operating margin was 7.8%, net earnings $8.4M (2.5% of revenue).
Hagerty, Q1 2025: revenue $328M (+21% year over year), operating margin 7.8%, net earnings $8.4M, operating cash flow $43.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $328M | -1% | +21% |
| Operating profit | $25.7M | +326% | +110% |
| Net earnings | $8.4M | +170% | — |
| Operating cash flow | $43.8M | — | -25% |
| Free cash flow | $38.4M | — | -28% |
What changed
Revenue was $328.3M in Q1 2025, up 21% year over year and down 1% from the previous quarter. Commission and fee revenue was the largest line at 27% of revenue. Marketplace revenue added $18.2M year over year (up 204%), 32% of the total change. Other revenue declined 23%.
Operating profit was $25.7M, a 7.8% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, above the 4% margin then. Total costs grew 17% against revenue growth of 21%. Net earnings were $8.4M. The effective tax rate was 16.7%. Non-operating items added $7.1M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $43.8M (down 25% year over year), 161% of net income including minority interests. Non-cash charges added back $9.5M of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items added $2.7M. Capital expenditures of $5.4M left free cash flow of $38.4M.
Questions
What was Hagerty's revenue in the first quarter 2025?
Hagerty (HGTY) reported revenue of $328M for the first quarter 2025 (Q1 2025), +21% from a year earlier and -1% from the quarter before.
Was Hagerty profitable in the first quarter 2025?
Operating profit was $25.7M (7.8% of revenue) and net earnings $8.4M.
Source: Hagerty 10-Q on SEC EDGAR.